PRZOOM - /newswire/ -
Florence, Italy, 2011/10/17 - GE Oil & Gas (NYSE: GE) and PT Pertamina (Persero), the national oil and gas company of Indonesia, have signed an agreement calling for the two companies to work together to cultivate their mutual interests in ethical and compliant business practices. NYSE: GE

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• Unique Cooperation on Compliance and Transparency in the Global Oil and Gas Industry;
• Companies to Share Best Practices, Training Opportunities.

It is unique in the type of cooperation between companies of this size in the global oil and gas industry.

The milestone agreement signed by Hari Karyuliarto, Pertamina chief compliance officer and Frederic Gaillot, GE Oil & Gas global compliance leader, contemplates best practice sharing, discussion of cross-company training opportunities and the adoption of voluntary standards on compliance and anti-corruption. Each company agrees to keep each other informed on regulatory developments and work together to increase transparency in the oil and gas industry and in particular in Indonesia.

“GE and Pertamina are entering this agreement to better understand each other’s business practices and goals,” said Gaillot. “Our commitment to compliance and ethical business practices is part of our GE brand and a vital asset for our company. GE has consistently been ranked among the world’s most ethical companies.”

General Electric has been named one of the 110 World’s Most Ethical Companies by The Ethisphere Institute. Three thousand companies from 36 different countries were evaluated based on performance indicators including exceptional citizenship, social responsibility, governance, innovation and leadership.

“We contacted GE to learn from its existing compliance program, and GE offered to formalize the relationship between the two companies,” said Mrs. Mardiani, compliance manager/corporate secretary of Pertamina. “This is a wonderful opportunity for both companies to build upon an already strong and transparent relationship.”

GE has been active in Indonesia since 1940. Today, GE’s investment in Indonesia has reached more than $1.2 billion, and the company has more than 700 employees to serve customers in this country.

Pertamina was incorporated in 1959. Its current workforce of more than 15,000 permanent employees is present in 7 countries, and last year sales reached US$49 billion.

From February until April of this year, 51 engineers and other professionals graduated from the first Indonesia intake of GE’s Oil & Gas University Program, an initiative that provides leadership, compliance and technology training for oil and gas professionals. The course was specifically designed for Pertamina employees. “Since 2008, Pertamina sends every year two junior engineers to attend the GE Oil & Gas University program. Starting 2012, we intend to cooperate with GE in conducting leadership program for our managers and leaders,” said Ida Halya, leadership development program manager at Pertamina Learning Center.

About GE
GE (ge.com) is an advanced technology, services and finance company taking on the world’s toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide.

GE also serves the energy sector by providing technology and service solutions that are based on a commitment to quality and innovation. The company continues to invest in new technology solutions and grow through strategic acquisitions to strengthen its local presence and better serve customers around the world. The businesses that comprise GE Energy—GE Power & Water, GE Energy Management and GE Oil & Gas—work together with more than 100,000 global employees and 2010 revenues of $38 billion, to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; as well as other alternative fuels and new grid modernization technologies to meet 21st century energy needs.

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